Major Averages Climb Off Lows But Remain In The Red

(RTTNews) - While selling pressure has remained relatively subdued, stocks continue to see modest weakness in mid-day trading on Thursday. The losses on the day have partly offset the rally seen going into the close of the previous session.

Semiconductor stocks continue to see substantial weakness in mid-day trading, with the Philadelphia Semiconductor Index down by 2.7 percent. The index is pulling back further off the three-month closing high set last Friday.

NXP Semiconductors (NXPI) has helped to lead the sector lower after reporting mixed third quarter results and providing disappointing guidance.

Considerable weakness has also emerged among housing stocks, which have moved lower on the heels of disappointing pending home sales data. Reflecting the weakness in the sector, the Philadelphia Housing Sector Index is down by 2.3 percent.

Within the housing sector, Meritage (MTH) is turning in one of the worst performances after reporting weaker than expected third quarter earnings.

Utilities, steel, and gold stocks are also seeing notable weakness in mid-day trading, while strength is visible among trucking and natural gas stocks.

Currently, the major averages remain in negative territory but off their lows for the session. The Dow is down 55.79 points or 0.3 percent at 17,723.73, the Nasdaq is down 15.88 points or 0.3 percent at 5,079.81 and the S&P 500 is down 3.28 points or 0.2 percent at 2,087.07.